Kinetik Holdings Inc
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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Jun 30, 2024 · Filed Aug 9, 2024
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PROPERTY, PLANT AND EQUIPMENT
- PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at carrying value, is as follows:
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Gathering, processing, and transmission systems and facilities | $3,679,536 | $3,253,539 |
| Vehicles | 13,120 | 11,447 |
| Computers and equipment | 7,583 | 6,242 |
| Less: accumulated depreciation | (710,567) | (626,223) |
| Total depreciable assets, net | 2,989,672 | 2,645,005 |
| Construction in progress | 177,644 | 74,369 |
| Land | 25,410 | 23,853 |
| Total property, plant, and equipment, net | $3,192,726 | $2,743,227 |
The cost of property classified as “Construction in progress” is excluded from capitalized costs being depreciated. These amounts represent property that is not yet available to be placed into productive service as of the respective reporting date. The Company recorded$43.8 million and $38.9 million of depreciation expense for the three months ended June 30, 2024 and 2023, respectively, and$86.6 million and $77.3 million for the six months ended June 30, 2024 and 2023, respectively. There wereno impairment triggering events for property, plant and equipment during the three and six months ended June 30, 2024 and 2023.
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